The federal government just changed the HAMP program which is the modification program to include properties other than owner occupied. Visit the MakingHomeAffordable website for more information. You can also call your lender and ask them the same question. Best of luck to you.... more
First off, Gordon, you are not alone! The economy has left many homeowners in similar situations. Although the tenant route is an option, many homeowners find that it is costly, just as you have. It sounds like your best bet would be to get that home sold. Even though the market is challenging, many homes in Maine are being sold every day. The trick is to price it ahead of the market and make it the best deal in that price point in that market area.
I would like to encourage you to contact a Realtor for some advice. Although I don't personally work in the Randolph market, I have several colleagues who do, and I am sure one of them would be more than happy to give you their professional opinion. They would go out to see the house, and provide you with a market analysis that would enable you to make an informed decision about what your next move should be.
Should a short sale become inevitable, the mortgage holder would be much more likely to agree to a short sale if they know that it was professional marketed. Most Realtors I know have experience with short sales, and will negotiate with the bank on your behalf.
Please contact me if you would like me to point you in the right direction. I wish you the best... and better days ARE INDEED coming! :) Laurie@LaurieDanforth.com... more
A loan modifacation is when the Owner of the mortgage (Wells Fargo etc.) looks at your over all situation and works with you to stay in the home- lower your rate, fix your rate what ever they need to do with in reason so they don't have you walk way, go BK or them needing to foreclose.... more